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Ever heard the expression ‘small fish are sweet’? This slightly cloying phrase is sometimes used to refer to small companies, because investing in them can, if you choose carefully, produce considerable profits. It’s certainly been true over the past year or so, with the bull market dragging numerous small stocks along with it.

The ride won’t always be so smooth, though. Small stocks usually cling to the hindquarters of a rampaging bull, only to get thrown off and trampled underfoot when the market turns nasty. With more than a year having passed since the...

I note that you no longer cover UGL, and in your research note you stated that if the stock got back to $11 you would look at it again. Is it now on your review list? Do you have a further opinion on the stock?

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